S&P turns Paita view to stable

S&P said it revised its outlook on Terminales Portuarios Euroandinos Paita to stable from negative and affirmed the BB+ debt rating.

Despite traffic restrictions, a contraction in Peru’s GDP and Paita’s main destination markets, the agency sees volumes increasing at least 4% in 2020 and 5% in 2021 amid a quick recovery in exports after mobility

restrictions were lifted, S&P said.

The rating action mainly reflects S&P’s view of stronger-than-expected operating and financial performance in 2020 and 2021, which would lead to a minimum debt service coverage ratios of about 2.25x and an average DSCR of 3.15x, the agency said.

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